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Multi-Family and Apartment Investing

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Joe G Rampy
  • Pryor, MT
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MLS listed mid-sized apartments - getting the financials, etc.

Joe G Rampy
  • Pryor, MT
Posted Jul 18 2015, 21:01

New to RE investment. Focusing on syndicating 20 units or larger apartment buildings. Trying to build network of brokers with knowledge of off market apartments. Loopnet is a vast wasteland in this market (Montana / Wyoming) so I'm looking on MLS until I start finding off market deals.

I'm finding properties that "might" have possibilities. Some listings have been on the market for well over a year and the listing brokers are acting stunned when I ask for financials, rent rolls, vacancies, etc. The obvious question is, "how do these people expect to make sales without being professional?" Prepared to present the property? Do the owners of these buildings think that someone is just going to show up and write a check for the asking price? Without having a clue as to whether the building is an investment or not?

Is there a best way of dealing with these 'teaching moments on two legs'?

Thanks for allowing me a little rant. It's been a frustrating few days. If this is the worst, I'm good. But, Damn!

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